The Nigerian Senate has issued a seven-day ultimatum to the Nigerian National Petroleum Company Limited, NNPCL, to account for N210 trillion in missing funds in its coffers as contained in audited financial statements spanning 2017 to 2023.
This was made public on Wednesday during a session of the Senate Committee on Public Accounts, where NNPCL’s Chief Financial Officer, Dapo Segun, and other executives of the state-owned oil firm were present.
Speaking at the forum, chairman of the committee, Senator Aliyu Wadada, described the inconsistencies in NNPCL’s financial records as unacceptable.
He warned that the senate would pursue the matter to the full extent of its oversight powers.
Wadada lamented how accrued expenses of N103 trillion, which included N600bn in retention fees, unspecified legal fees, and auditor charges were made without any accompanying documentation or referenced contracts to back it up.
